Qualified Residential Mortgage is new rule currently being considered by federal regulators and one that could be extremely costly to potential homeowners. Should this proposal pass,  it would require homebuyers to put down at least  20% in down payment on a home purchase in order to qualify for affordable rates.

According to the National Association of Realtors, Federal regulators have taken a law passed by Congress that was rightly intended to prevent future banking collapses and subsequently created unintended penalties on homebuyers.

Saving for a down payment to buy a home is harder than ever these days. This proposal creates high down payment hurdles for first-time and low-income home buyers as well as making refinancing a lot more costly for credit-worthy home owners.

If you don’t agree with this proposal you are able to make your voice heard. Join forces to help keep the dream of home ownership alive by signing and emailing this form before HUD’s comment period closes August 1, 2011.